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 - EconoTimes)
NEW YORK, Dec. 16, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against New Oriental Education & Technology Group Inc. (“New Oriental Education” or the “Company”) (NYSE:EDU) in the United States District Court for the District of New Jersey on behalf of purchasers of common stock of New Oriental Education between September 27, 2016 and December 1, 2016 (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
According to the Complaint, the Company made false and/or misleading statements about: (1) New Oriental’s college application activities; and (2) as a result, Defendants’ statements about New Oriental Education’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Reuters published an article December 2, 2016 revealing that New Oriental has been accused of engaging in college application fraud. The article states “[e]ight former and current new Oriental employees . . . told Reuters the firms have engaged in college application fraud, including writing application essays and teacher recommendations, and falsifying high school transcripts.” The same day, Reuters released and update claiming that, due to its earlier report detailing academic fraud allegations at New Oriental, the American International Recruitment Council (“AIRC”) “will investigate the company in response to the report” and the AIRC’s president-elect called the allegations “highly concerning.”
On this news, shares of New Oriental fell $6.99 per share from its previous closing price to close at $42.00 per share on December 2, 2016, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than February 13, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
